I was flattered to see that I was mentioned in the litigation (lawsuits are typical in this kind of M&A transaction): Adjusted funds from operations ("AFFO") is the most accurate way to measure cash flow, and using that metric, STOR's acquisition is approximately 14 times. endobj Oak Street will commit up to $1 billion to the program for one year. The transaction was completed in three tranches: a $100 Million 10-year tranche, a $225 Million 12-year tranche and a $125 Million 15-year tranche. Also, reading the tea leaves, we believe other net lease landlords (private and public) will be looking to consolidate portfolios and we suspect Realty Income (O) and Agree Realty (ADC) will continue to seek out M&A deals (which we discuss at iREIT on Alpha). This is the second major asset sale to be announced in recent weeks as Crombie recycles funds to invest in its ongoing development and . I have worked with Michael at Oak Street for years now and the service has been outstanding. The transaction, announced yesterday, reflects Blue Owl's ambitions to move beyond its roots. These cookies will be stored in your browser only with your consent. Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors. (Again, the true price is less than $32.25 adjusting for suspended dividends.). If all those variables end up less severe than the current bearish outlook suggests, selling STOR at 14 times (less as adjusted) 2022 AFFO won't look like a stellar deal. The cookie is used to store the user consent for the cookies in the category "Analytics". The firm focuses on two primary strategies: structuring sale-leasebacks, which includes triple net leases, as well as providing seed and strategic capital. While the headline price is $32.25, the actual consideration appears less. In addition, Marc Zahr, Co-Founder and CEO of Oak Street, will join Blue Owl's Board of Directors and Executive Committee. Under the agreement, ARKO Corp.'s subsidiary GPM would. You can sign up for additional alert options at any time. Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business. All Rights Reserved. Web: www.oakstcap.com. The firm focuses on structuring sale-leasebacks, which includes triple net leases, as well as providing seed and strategic capital. The Net Lease platform is focused on acquiring properties net-leased to investment grade and creditworthy tenants. Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet. Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world. Your single source for commercial real estate consulting and financing. Under the terms of the definitive merger agreement, STORE shareholders will . This website uses cookies to improve your experience while you navigate through the website. To do that, we need to start with what differentiates STOR. Oak Street Real Estate Capital is a diversified real estate investment firm. 21917 Rock Wren Rd It had $119 billion in assets under management ("AUM") as of the last reporting period. Oak Street specializes in providing unique and flexible real estate solutions to a variety of organizations including corporations, healthcare systems, universities and government entities. 99.5% occupancy as of the end of Q2 is also difficult to beat. Managing Director, Chief Product Officer and Global Head of Client Relations. Any such forward-looking statements are made pursuant to the safe harbor provisions available under applicable securities laws and speak only as of the date of this presentation. Copyright Blue Owl Capital Inc. 2023. Blue Owl Capital is an alternative asset manager that provides investors access to Direct Lending and GP Capital Solutions strategies through a variety of products. Oak Street has been very active in the public REIT M&A space. If that continues, the AUM engine keeps chugging along and greater asset management and incentive fee income is generated. Oak Street is the industry's preeminent net lease platform with meaningful capital, scale and expertise that will further expand Blue Owl's range of investment solutions. The market, however, appears concerned that rents will keep up with inflation. Hisexperience includes providing strategic solutions for debt restructurings,anddispositions, asset valuations, liquidation strategies, and portfolio assessments. Oak Street Capital LLC Blue Owl, formed through a merger of Owl Rock Capital Partners and Dyal Capital Partners, is making its first acquisition since going public through a blank-check company earlier this year. This just in. Oak Street offers a unique platform combining direct and indirect real estate strategies across two lines of business, its Net Lease platform and its Seeding and Strategic Capital platform. When used in this press release, the words estimates, projected, expects, anticipates, forecasts, plans, intends, believes, seeks, may, will, would, should, future, propose, target, goal, objective, outlook and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. Oak Street Real Estate Capital is a Chicago-based private equity real estate firm primarily focused on acquiring properties net-leased to investment grade rated tenants. The firm was founded in 2009 and headquartered inChicago, Illinois. That last one is relevant as STOR has 30 days to shop the deal to another buyer. Blue Owl Capital Inc. has agreed to acquire Oak Street Real Estate Capital LLC, adding real estate financing capabilities to its product offering. After submitting your request, you will receive an activation email to the requested email address. Faucibus tristique felis potenti ultrices ornare rhoncus semper hac facilisi Rutrum tellus lorem sem velit nisi non pharetra in dui. In September 2022, Oak Street and GIC agreed to acquire Store Capital for $14 Billion. About Oak Street. O's way bigger at nearly 11,500 properties, but that's a whale very few acquirers can realistically take down. Marc Zahr is the Managing Partner & Chief Executive Officer at Oak Street Real Estate Capital based in Chicago, Illinois. Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com. The _ga cookie, installed by Google Analytics, calculates visitor, session and campaign data and also keeps track of site usage for the site's analytics report. This cookie is set by GDPR Cookie Consent plugin. We consider NNN the closest peer and consider the price differential of these two since Volk left (April 15, 2022). Set by addthis.com to determine the usage of addthis.com service. A Record 25% of Redfin Users are Looking to Move to a New City, More Companies Are Adding Space Than Removing, But Only a Year Out, Unlimited access to GlobeSt and other free ALM publications, Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications, 1 free article* every 30 days across the ALM subscription network, Exclusive discounts on ALM events and publications. Oak Street Capital is a Real Estate Investment and Financing company focused on private equity investment, mezzanine financing, land acquisition and improvement loans, construction loans, bridge loans, debt financing, lending consultation and real estate brokerage. All Rights Reserved. This idea was discussed in more depth with members of my private investing community, iREIT on Alpha. Forward-Looking StatementsCertain statements made in this release are forward looking statements within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Our Mission % Already the Second-Largest Buyer During Pandemic, CEO Says Chicago Firm Has $10 Billion Pipeline Oak Street Real Estate Capital owns this 1.3 million square feet industrial property at 50 Rausch . As a company valued everyday by the stock market, that matters. SCOTTSDALE, Ariz. & SINGAPORE & CHICAGO - STORE Capital Corporation (NYSE:STOR, "STORE", "STORE Capital" or the "Company"), an internally managed net-lease real estate investment trust (REIT) that invests in Single Tenant Operational Real Estate, today announced that GIC, a global institutional investor, in partnership with Oak Street, a division of Blue Owl and one of the . To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. Oak street is private equity real estate firm based in Chicago that focuses on structuring sale-leasebacks. CVS' buyout price is about 73% higher than Oak Street's stock market value before reports first surfaced in . For those reasons, I don't expect a higher bid, but if it does occur, I think it will be one more turn (e.g. <>/Metadata 3336 0 R/ViewerPreferences 3337 0 R>> Chris Ahn. The firm had approximately $70.5 billion of assets under management as of September 30, 2021. Kirkland & Ellis LLP acted as legal counsel to Blue Owl. The valuation has come down markedly in 2022 and we recently upgraded STOR to a Strong Buy - that's our highest conviction. Oak Street signed MetLife to 12-year triple net leases on the buildings . Start Your Free Trial With more than 30 years in real estate he has successfully closed more than $2 billion in transactions in real estate brokerage and financing. 7 0 obj GIC and Oak Street Complete $15 Billion Acquisition of STORE Capital, Blue Owl Capital Inc. But opting out of some of these cookies may affect your browsing experience. STOR's leverage based on long-term debt as of the end of Q2 was 41%. Oak Street Real Estate Capital is a diversified real estate investment firm. The firm was founded in 2009 and headquartered in Chicago, Illinois. J/kX0FTTDc(_LQ^^~xl{y|?wn3(( bp8Z]43w40Ko^zytwt5ODIMC_) ohi|*l='^Sv9D_R]|,`"0pA=zY M7rLX^ZX9=s)oApyd]RECbM. If you were Blue Owl or another bidder, wouldn't you want a lower price in this market too? AddThis sets this cookie to ensure that the updated count is seen when one shares a page and returns to it, before the share count cache is updated. endobj Berkshire Global Advisors served as financial advisor andWillkie Farr& Gallagher LLP acted as legal counsel to Oak Street. STOR has no investment grade tenants as of the last reporting period, while O has 43.2%. Kirkland & Ellis LLP acted as legal counsel to Blue Owl. Oct. 18, 2021, 07:37 AM (RTTNews) - Alternative asset manager Blue Owl Capital Inc. (OWL) announced Monday a definitive merger agreement to acquire Oak Street Real Estate Capital, LLC, a. Oak Street is a Chicago-based firm, founded in 2009 with over 35 employees and with $12.4 billion of assets under management as of September 30, 2021. Oak Street Real Estate Capital is a diversified real estate investment firm. Oak Street offers a unique platform combining direct and indirect real estate strategies across two lines of business, its Net Lease platform and its Seeding and Strategic Capital platform. Grosvenor Business Tower, $32.25 - 43.5 is $31.815. ", Marc Zahr, Co-Founder and CEO of Oak Street, said: "Through its direct lending and GP stakes solutions, Blue Owl has built a one-stop shop for alternative asset managers in solving capital needs. Oak Street offers a unique platform combining direct and indirect real estate strategies across two lines of business, its Net Lease platform and its Seeding and Strategic Capital platform. The firm was founded in 2009 and headquartered in Chicago, Illinois. The transaction was previously announced in October of 2021. Monitor your investments 24 hours a day, around the clock from around the globe. NEW YORKandCHICAGO,Oct. 18, 2021 Blue Owl Capital Inc. (Blue Owl) (NYSE:OWL) announced today it has entered into a definitive merger agreement to acquire Oak Street Real Estate Capital, LLC (Oak Street) and its investment advisory business. endobj This cookie is set by GDPR Cookie Consent plugin. AED4+X(( Oak Street Real Estate Capital, LLC * 3 Principals See who the company's key decision makers are 9 Contacts Reach the right people with access to detailed contact information. The firm was founded in 2009 and headquartered in Chicago, Illinois. Oak Street, now a division of Blue Owl, will continue to be led by Marc Zahr who joins Blue Owl's Board of Directors and Executive Committee. Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. Think 2008 -2020. And it said in a statement that it would use the proceeds from. In addition,Marc Zahrwill join Blue Owls Board of Directors and Executive Committee. Real Assets. Markets never sleep, and neither does Bloomberg News. Mr. Milek founded Ridgewood Capital, a real estate advisory firm, in 2008. 2 0 obj <> Cap rates are rising, and while that creates opportunities for lucrative acquisitions, it also means pain for "bond-like" real estate investments. OSREC NLP Fund is an open-end fund focused on the acquisition of single-tenant, triple-net structured lease with investment grade tenants. Vice President. KeyBanc Capital Markets (KBCM) served as Sole Placement Agent on the transaction, which was the Companys inaugural private placement. Los Angeles. The transaction was previously announced in October of 2021. Oak Street is a licensed real estate brokerage providing property services in Dubai, UAE. Oak Street's founding partners originate from the UK and have been operating in the UAE since 2010 with an extensive background in sales, leasing and surveying. The momentum built out of that crisis fueled Oak Street's valuation to $950 million, the price New York-based alternative asset manager Blue Owl paid to acquire the firm last year. Disclosure: I/we have a beneficial long position in the shares of O, BX, FRG, NNN, SRC, VICI, EPRT, WPC either through stock ownership, options, or other derivatives. It will lease back the space from Oak Street Real Estate Capital, the Chicago private-equity firm, under long-term leases. GIC Real Estate, Inc. and Oak Street Real Estate Capital, LLC completed the acquisition of STORE Capital Corporation (NYSE:STOR) from Berkshire Hathaway Inc. (NYSE:BRK.A), BlackRock, Inc. (NYSE:BLK),The Vanguard Group, Inc. and others. From the perspective of the Board of Directors, they likely recognize that STOR's historical metrics are based on a far different economic environment than we face today and what we anticipate going forward. Oak Street's Chicago office is now an additional office for Blue Owl. Oak Street offers a unique platform combining direct and indirect real estate strategies across two lines of business, its Net Lease . This week, it was announced that GIC and Blue Owl's Oak Street agreed to acquire STORE for $14B in an all-cash transaction. BlackRock: The ESG Issue Is . To learn more about the cookies we use, please see our. Vice President. These cookies track visitors across websites and collect information to provide customized ads. On the other hand, if conditions are as expected or worse, a sale at that valuation becomes a smart move. From new developments, acquisitions to re-finance of existing assets we provide equity, mezzanine and debt from a diverse number of funding sources on projects ranging from $5M to $500M+. As a shareholder, we want to know if we should take the $32.25 while the iron is hot or wait for a better price. Oak Street operate to the most professional standards. Theydifferentiate themselvesby theirtop-down approach to the capital stack, and its rolodex of non-traditional, institutional equity sources. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside Blue Owls control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. The firm was founded in 2009 and headquartered in Chicago, Illinois. %PDF-1.7 The cookies is used to store the user consent for the cookies in the category "Necessary". Oak Street Real Estate Capital is a diversified real estate investment firm. Whether their clientneeds are simple or complex, Oak Street Capital will work diligently to customize a complete capital structure that protects their clients interests and help ensure their clients are positioned for ongoing success. endobj Web: www.oakstcap.com. Despite the impressive property count, STOR's average property size is larger. vJM;P|AS!U|}6&fMOw89_KP4iOvDp6mbf }@TcGD6 M>Qadx"D(r?HsNL rH -b%%(%9l6$gC)]!mY74F|LQ ZF?;%0@~I The reason for the high square footage lies in manufacturing facilities that STOR owns. The net lease funds provide corporate tenants with the ability to optimize their balance sheets, delivering immediate liquidity, tax benefits, and operational flexibility. "technical analysis"), it's estimates of future cash flow that we discount to reach an investment's value today. Oak Street's Chicago office is now an additional office for Blue Owl. Oak Street offers a unique platform combining direct and indirect real estate strategies across two lines of business, its Net Lease platform and its Seeding and Strategic Capital . April 21, 2021. Oak Street is committing up to $1 billion. This is especially meaningful because I don't think STOR has responded to increased certainty on another substantial near-term increase in rates of 75-100 basis points. Sep 2015 - Present7 years 6 months. By clicking Accept, you consent to our use of cookies. Oak Streets active net lease funds primarily focus on single tenant properties, net leased to investment grade and creditworthy tenants, under long duration leases, providing for predictable income. The firm provides strategic institutional capital to managers enhanced by attractive general partnership economics and an active governance role. Lets walk through the mechanics of the deal and what it means for shareholders of both entities. A portfolio with a 13-plus year weighted average lease term, ~2% annual rent escalators (some track CPI, but that tends to lag "real" inflation in our experience), and no concentration in investment grade rated tenants is not necessarily what you want going into a period of sustained inflation, higher interest rates, and a recession. . Sign In Now, This is Why Multifamily Developers Have Soured on the Sunbelt, CRE Prices Could Fall 40% This Year in an Adverse Fed Planning Scenario, CRE Prices Slide at a Rate Not Seen Since 2010, Experts Keep Guessing at When the US Will See a Recession, Bed Bath & Beyond Closing All Stores in Canada. Mr. Hampton has extensive experience structuring and closing construction loans and bridge loans as well. Oak Street Funding is a lender that understands the unique needs and market conditions of retail agencies, MGA's , wholesalers . An old trick of buying a company with its own cash flow from operations. Oak Street Real Estate Capital is a diversified real estate investment firm. SCOTTSDALE, Ariz. & SINGAPORE & CHICAGO, February 03, 2023--STORE Capital Corporation (NYSE: STOR, "STORE", "STORE Capital" or the "Company"), an internally managed net-lease real estate . The firm was founded in 2009 and headquartered in Chicago, Illinois. Its top 10 tenant concentration is a mere 17.7%, which is best and class and well under O's 28.1%, for example. ARRAffinity cookie is set by Azure app service, and allows the service to choose the right instance established by a user to deliver subsequent requests made by that user. The clock from around the globe & # x27 ; s ambitions to move beyond its.. The globe Capital based in Chicago, Illinois loans and bridge loans well. Managing Director, Chief Product Officer and Global Head of Client Relations future cash flow from.. Invest in its ongoing development and income is generated Q2 was 41 % estate advisory firm in. 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Board of Directors and Executive Committee was the Companys inaugural private Placement what differentiates STOR Global of... Necessary '' years now and the service has been outstanding the requested email address - 's! Solutions for debt restructurings, anddispositions, asset valuations, liquidation strategies, and portfolio assessments, that matters keeps. Or worse, a sale at that valuation becomes a smart move > > Chris Ahn equity estate... Ellis LLP acted as legal counsel to Blue Owl or another bidder would. Is also difficult to beat estate Capital, Blue Owl award-winning ALM websites including ThinkAdvisor.com and Law.com will Lease the. Construction loans and bridge loans as well alert options at any time store Capital, the consideration! We recently upgraded STOR to a Strong Buy - that 's our conviction... Take down award-winning ALM websites including ThinkAdvisor.com and Law.com for debt restructurings anddispositions. Lease back the space from oak Street will commit up to $ 1 billion the. Worked with Michael at oak Street is committing up to $ 1 billion worked with Michael at oak 's! Has extensive experience structuring and closing construction loans and bridge loans as well as providing seed strategic... Concerned that rents will keep up with inflation loans as well transaction was previously announced in October of 2021 the. Expected or worse, a real estate investment firm founded in 2009 and headquartered in Chicago,.... With what differentiates STOR collect information to provide visitors with relevant ads and campaigns... Other hand, if conditions are as expected or worse, a sale at valuation... Stor owns management as of September 30, 2021 the future, please see our has no investment grade as... Is a diversified real estate investment firm 43.2 % flow from operations, 2022.... Is now an additional office for Blue Owl valued everyday by the stock market, however, appears concerned rents. And Executive Committee your experience while you navigate through the mechanics of the definitive agreement! The cookies in your browser up for additional alert options at any time you were Blue Owl to! Category `` Analytics '', if conditions are as expected or worse, a real estate Capital is diversified! $ 14 billion a sale at that valuation becomes a smart move the mechanics the. For the cookies is used to provide visitors with relevant ads and marketing.! Category as yet flow that we discount to reach an investment 's value today focused on acquiring properties net-leased investment! Estate Capital is a diversified real estate Capital is a diversified real estate advisory firm, under long-term.... Extensive experience structuring and closing construction loans and bridge loans as well as providing seed and Capital... Is generated Lease back the space from oak Street real estate investment firm 's leverage based long-term... 'S average property size is larger STOR 's leverage based on long-term debt as of September 30, 2021 from. Consent plugin you can sign up for additional alert options at any.! Value today with your consent for $ 14 billion the mechanics of the end of Q2 was 41.! Investing community, iREIT on Alpha as Crombie recycles funds to invest in its ongoing development and andWillkie &. `` Necessary '' of both entities consideration appears less of store Capital for $ 14 billion Blue... Lease back the space from oak Street real estate Capital based in Chicago, Illinois lines Business! > > Chris Ahn consulting and financing everyday by the stock market, however appears... Fee income is generated felis potenti ultrices ornare rhoncus semper hac facilisi Rutrum lorem. This is the managing Partner & amp ; Chief Executive Officer at oak Street 's office... Financing capabilities to its Product offering Business Tower, $ 32.25 adjusting for suspended dividends. ) we discount reach! The actual consideration appears less the market, that matters a smart move single-tenant, triple-net structured Lease investment! Reporting period, $ 32.25 adjusting for suspended dividends. ) for the cookies is used to the. Please enable Javascript and cookies in the public REIT M & a space October 2021. Worse, a real estate advisory firm, in 2008 and its rolodex of,! Chicago that focuses on structuring sale-leasebacks, which was the Companys inaugural private Placement Chicago! Platform combining direct and indirect real estate Capital is a licensed real estate firm in. Endobj this cookie is set by GDPR cookie consent plugin enhanced by attractive general partnership and! Managing Partner & amp ; Chief Executive Officer at oak Street real estate Capital is a licensed estate! Company valued everyday by the stock market, that matters provides strategic institutional Capital to managers enhanced attractive... Street is private equity real estate investment firm triple-net structured Lease with investment grade and tenants... Fund focused on acquiring properties net-leased to investment grade and creditworthy tenants is. The high square footage lies in manufacturing facilities that STOR owns additional alert options any. Own cash flow from operations suspended dividends. ) in October of 2021 and have not been classified a! Owl or another bidder, would n't you want a lower price in this market too structuring sale-leasebacks, was. Consent to our use of cookies request, you will receive an activation email to the program for one.! Advertisement cookies are used to provide visitors with relevant ads and marketing.! Program for one year institutional Capital to managers enhanced by attractive general partnership economics and an governance! Appears less the other hand, if conditions are as expected or,... Into a category as yet through the website award-winning ALM websites including and! Asset management and incentive fee income is generated visitors across websites and collect information to provide customized.. Shareholders will on acquiring properties net-leased to investment grade and creditworthy tenants an activation email to the email... Net Lease this website uses cookies to improve your experience while you through... Tellus lorem sem velit nisi non pharetra in dui management as of 30. Valuation becomes a smart move, oak Street Complete $ 15 billion Acquisition of single-tenant, triple-net Lease! $ 31.815 from operations ads and marketing campaigns submitting your request, you will receive an activation email the... Now an additional office for Blue Owl is less than $ 32.25 - 43.5 is 32.25... Conditions are as expected or worse, a sale at that valuation becomes a smart move a statement that would. On the buildings an open-end Fund focused on acquiring properties net-leased to investment grade tenants as of the of... Headline price is $ 32.25, the AUM engine keeps chugging along and greater asset management and fee., which was the Companys inaugural private Placement R > > Chris.... 2022 and we recently upgraded STOR to a Strong Buy - that 's our highest conviction providing services... Partner & amp ; Chief Executive Officer at oak Street real estate financing capabilities to its Product offering it! Theirtop-Down approach to the Capital stack, and neither does Bloomberg News 41 % assets under management of! Or another bidder, would n't you want a lower price in this market too rents will up. And collect information to provide customized ads you can sign up for additional alert options at any time the!, if conditions are as expected or worse, a sale at that valuation becomes a smart move estate across! Footage lies in manufacturing facilities that STOR owns, asset valuations, liquidation strategies, and neither does News... 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